The Korea Fund, Inc. (NYSE: KF) (the “Fund”) has announced that its Board of Directors (the “Board”) has adopted a policy (the “Policy”) pursuant to which it will cause the Fund to conduct an issuer tender offer for up to twenty-five percent (25%) of its then issued and outstanding shares of common stock on or before September 30, 2024, and thereafter on each third year anniversary of September 30, 2024, if the Fund’s total return investment performance measured on a net asset value basis does not equal or exceed the total return investment performance of the MSCI Korea 25/50 Index (as described and measured in the Fund’s June 30, 2020 annual shareholder report) during the period commencing on April 1, 2021 and ending on June 30, 2024 (and for three-year testing periods thereafter). The size of any such tender offer (up to twenty-five percent (25%)), the price at which shares are to be tendered and other terms and conditions of such tender offer would be determined by the Board of Directors in its discretion based on its review and consideration of the then‑current size of the Fund, market conditions and other factors it deems relevant. The Board will not eliminate or materially modify the Policy without shareholder approval.
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